Author: Staff Writer

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Corporate

Sensex slumps 560 points, Nifty ends below 24,100

Indian benchmark indices ended sharply lower on Tuesday, with the BSE Sensex tumbling 561 points and the Nifty 50 closing below the 24,100 mark, as weak IT stocks and escalating geopolitical tensions dented investor sentiment.

The sell-off was led by technology shares following mixed first-quarter earnings. Tata Elxsi and HCLTech emerged among the biggest losers as investors reacted to earnings-related concerns and cautious management commentary. Selling was also seen in select financial and auto stocks, adding to the market’s losses.

In contrast, defensive sectors attracted buying interest. Sun Pharma and NTPC were among the top gainers, supported by demand for healthcare and power stocks. However, their gains were insufficient to offset broader market weakness.

Investor sentiment remained fragile amid rising tensions in the Middle East, which heightened concerns over crude oil prices and global economic stability. Market participants also stayed cautious ahead of more corporate earnings announcements.

Also Read: Tata Capital buys 88.6% stake in Yogloans

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Government releases digital threat report

The government has released the Second Digital Threat Report, highlighting rising cyber risks facing India’s financial sector and calling for stronger cyber resilience. Prepared by the Computer Emergency Response Team (CERT-In), CSIRT-Fin and SISA, the report outlines emerging threats, attack trends and key vulnerabilities affecting banks, financial institutions and digital payment systems.

It recommends proactive risk management, stronger cybersecurity frameworks and closer coordination among stakeholders to safeguard critical financial infrastructure.

The report also urges organisations to adopt advanced security measures, improve incident response capabilities and enhance preparedness against increasingly sophisticated cyberattacks.

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ITC Infotech leads race for Happiest Minds stake acquisition

ITC Infotech has emerged as the frontrunner to acquire a majority stake in Happiest Minds Technologies from founder and chairman Ashok Soota.

According to reports, discussions are at an advanced stage, though the transaction has not been finalised. If completed, the deal would mark one of the biggest acquisitions in India’s IT services sector this year and strengthen ITC Infotech’s digital capabilities.

Neither company has officially confirmed the negotiations. Investors are closely watching the developments, as the proposed acquisition could reshape the competitive landscape of India’s mid-tier information technology industry.

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Beyond

Anthropic Claude AI now priced in rupees

Anthropic has introduced India-specific pricing for its Claude AI assistant, allowing users to subscribe in Indian rupees instead of paying in US dollars. The move is aimed at making Claude more accessible in one of the company’s fastest-growing markets and eliminating the hassle of currency conversion and international card charges.

Under the new pricing, the Claude Pro plan starts at ₹1,999 per month, while higher-tier Max plans and the Team subscription are also available with local pricing. The change is being rolled out gradually across Claude’s website and mobile apps, making it easier for individuals, developers and businesses to subscribe.

Previously, Indian users had to pay in US dollars using international payment methods, often incurring foreign exchange charges. By switching to rupee-denominated subscriptions, Anthropic hopes to offer a smoother payment experience and attract more users in the country. However, UPI payments are not yet supported.

India has emerged as Anthropic’s second-largest market after the United States, accounting for a significant share of global Claude usage. The company is also expanding its presence in the country, including plans to strengthen operations in Bengaluru as competition intensifies among AI firms.

With rupee-based subscriptions now available, Anthropic is positioning Claude as a more accessible alternative in India’s expanding AI ecosystem, while signalling its long-term commitment to one of the world’s most important technology markets.

Also Read: India’s retail inflation climbs to 4.38% in June

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Beyond

India’s retail inflation climbs to 4.38% in June

India’s retail inflation rose to 4.38% in June, climbing above the Reserve Bank of India’s (RBI) medium-term target of 4% after remaining below that level in recent months. The increase was driven mainly by higher food prices, highlighting continued pressure on household budgets despite easing inflation in some other sectors.

According to data released by the Ministry of Statistics and Programme Implementation, food inflation accelerated to 5.32% in June, up from the previous month. Prices of vegetables, fruits, pulses, edible oils and protein-rich food items recorded notable increases, contributing significantly to the rise in the Consumer Price Index (CPI).

While food prices remained the biggest concern, housing inflation eased to 2.10%, offering some relief. Inflation in clothing, footwear and other consumer goods remained relatively stable, helping limit the overall rise in retail prices.

The June inflation reading comes as policymakers continue to monitor price trends closely. Inflation staying above the RBI’s 4% target could influence future monetary policy decisions, although it still remains within the central bank’s tolerance band of 2% to 6%.

For consumers, the latest figures mean the cost of everyday essentials continues to rise, affecting household spending, particularly among lower- and middle-income families. Higher prices of groceries and kitchen staples are likely to remain a key concern until supply conditions improve.

The government has said it remains focused on ensuring adequate food supplies and keeping inflation under control through timely interventions, including monitoring stocks and managing the availability of essential commodities.

Although the latest rise marks a setback after months of moderation, analysts believe inflation could soften later in the year if weather conditions remain favourable and food prices begin to stabilise. For now, however, families across the country are likely to continue feeling the impact of higher grocery bills and everyday living costs.

Also Read: SC upholds SEBI action against Kotak AMC

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SC upholds SEBI action against Kotak AMC

The Supreme Court has upheld SEBI’s action against Kotak Mahindra Asset Management Company (AMC) and its senior officials in the Essel Group debt investment case, affirming the market regulator’s authority to enforce mutual fund rules.

The court dismissed appeals filed by Kotak AMC, Managing Director Nilesh Shah and former CEO Harsha Upadhyaya against SEBI’s order. The regulator had found that the fund house entered into prohibited arrangements while investing in Essel Group debt securities in 2019.

The judgment reinforces transparency, fair treatment of investors and strict compliance with mutual fund regulations.

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Technology

Apple opens iOS 27 Public Beta to iPhone users

Apple has released the public beta of iOS 27, allowing iPhone users to test its latest software before the official rollout later this year. The update introduces several artificial intelligence (AI) features, a redesigned interface and a more capable Siri, giving users an early glimpse of the next generation of iPhone software.

The standout feature is the upgraded Siri, which is now powered by Apple Intelligence. The virtual assistant can better understand natural conversations, remember previous requests and carry out more complex tasks across apps. Apple says the improvements are aimed at making Siri more useful in everyday interactions while keeping user data secure.

iOS 27 also brings a refreshed look to the iPhone with smoother animations, redesigned menus and more customisation options. Core apps such as Phone, Messages, Photos and Camera have received updates to improve navigation and simplify routine tasks.

The update includes AI-powered writing tools that can summarise, rewrite and proofread text. Users will also find smarter search functions, improved image editing and better organisation across the system. Apple said most AI processing happens directly on the device, while more advanced tasks are handled through its Private Cloud Compute system to protect user privacy.

The public beta is available through Apple’s Beta Software Program and can be downloaded by users with supported iPhone models. The company recommends backing up devices before installing the beta, as pre-release software may contain bugs and unexpected issues.

Some of the advanced Apple Intelligence features will only be available on newer iPhone models with compatible hardware, while older supported devices will receive the standard iOS 27 improvements.

Apple is expected to continue refining the software through additional beta updates over the coming weeks before the stable version is released alongside its next iPhone lineup later this year.

Also Read: SBI funds IPO opens as investors eye long-term growth

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Corporate

SBI funds IPO opens as investors eye long-term growth

The much-awaited initial public offering (IPO) of SBI Funds Management opened for public subscription on Tuesday, giving investors an opportunity to own a stake in India’s largest asset management company. The issue will remain open until July 16, with the stock expected to debut on the exchanges on July 21.

The ₹9,812.9-crore IPO is entirely an Offer for Sale (OFS), meaning no fresh shares are being issued and the company will not receive any proceeds from the issue. Instead, existing shareholders—State Bank of India and its joint venture partner Amundi India Holding—are selling part of their holdings.

The company has fixed the price band at ₹545-574 per share, while investors can bid in lots of 26 shares. At the upper end of the price band, a retail investor will need to invest at least ₹14,924 for one lot.

Ahead of the public issue, SBI Funds Management raised ₹2,663 crore from anchor investors. The anchor book attracted several marquee global names, including sovereign wealth funds from Singapore, Abu Dhabi and Norway, as well as BlackRock, reflecting strong institutional confidence in the asset manager.

Brokerages have largely recommended subscribing to the IPO, citing SBI Funds’ dominant market position, strong profitability, extensive distribution network and consistent growth in assets under management. Many analysts believe the valuation is reasonable compared with listed peers and see the company as a long-term play on India’s expanding mutual fund industry.

The IPO has also generated healthy interest in the grey market, indicating expectations of a positive listing. Existing SBI shareholders enjoy an added advantage, as they can apply under both the retail category and the shareholder reservation portion, improving their chances of receiving an allotment.

As India’s mutual fund industry continues to benefit from rising retail participation and record SIP inflows, the listing of SBI Funds Management is being viewed as one of the biggest capital market events of the year. Market participants will now closely watch subscription levels over the next three days to gauge investor appetite for the landmark offering.

Also Read: Centre nears Fairfax IDBI deal

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Beyond

Gold hits ₹1,41,550, silver climbs to ₹2,18,760

Gold and silver prices traded higher on the Multi Commodity Exchange (MCX) on Tuesday, supported by firm global trends and renewed safe-haven demand. At around 9.13 am, MCX gold futures rose 0.69% to ₹1,41,550 per 10 grams, while MCX silver futures gained 0.46% to ₹2,18,760 per kg. The gains came as investors turned cautious amid geopolitical tensions and awaited key US economic data that could influence the Federal Reserve’s interest rate outlook.

In the retail market, gold prices remained largely stable across major Indian cities despite the rise in futures. The price of 24-carat gold hovered around ₹1.40 lakh per 10 grams, while 22-carat gold was quoted at nearly ₹1.29 lakh per 10 grams, with minor variations across cities due to local taxes and making charges. Jewellers said many buyers are closely monitoring daily price movements before making purchases, especially ahead of the festive and wedding season.

Global factors continued to drive sentiment in the bullion market. Rising tensions in West Asia boosted demand for safe-haven assets, while investors also remained focused on upcoming US inflation data for clues on future monetary policy. A softer dollar and expectations of potential interest rate cuts further supported gold prices in international markets, helping domestic futures trade in positive territory.

Market experts believe bullion prices are likely to remain volatile in the coming days as geopolitical developments, currency movements and central bank decisions continue to influence investor sentiment. They said any escalation in global tensions could keep gold well supported, while stronger-than-expected economic data may trigger fresh volatility.

Also Read: Sensex sinks 500 points, Nifty falls below 24,100

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Corporate

Sensex sinks 500 points, Nifty falls below 24,100

Indian equities began Tuesday’s session on a weak note, with the Sensex falling over 500 points and the Nifty breaching the 24,100 level. Investor sentiment remained subdued amid weak global markets, rising geopolitical tensions and caution ahead of key corporate earnings.

The day’s decline was driven by renewed concerns over escalating tensions involving the US and Iran, which pushed crude oil prices higher and raised fears of inflationary pressures. The uncertainty prompted investors to trim exposure to riskier assets, resulting in selling across metal, consumer and financial stocks. Volatility remained high throughout the trading session as traders reacted to both global and domestic developments.

Information technology stocks, however, offered some relief to the markets. HCL Technologies emerged among the top gainers after attracting strong buying interest, while Tata Elxsi also advanced on optimism surrounding its business outlook and investor expectations ahead of quarterly earnings. The resilience in select IT counters helped limit the overall decline in benchmark indices.

On the other hand, Trent and Tata Steel were among the biggest losers of the day. Metal stocks came under pressure amid concerns over global demand and commodity price fluctuations, while profit booking in consumer-facing companies added to the market’s weakness. Broader markets mirrored the negative trend, with several mid-cap and small-cap stocks ending in the red.

Also Read: TCS restructures business for AI era